that Latest Bitcoin On-Chain Data Revealed It is a notable development among mid-level investors known as Dolphins (wallets holding between 100 and 1,000 BTC). Considered a balance between retail traders and institutional whales, these companies have quietly become the most dominant group in 2025.
Their accumulation trend, which began earlier this year, has now reached levels never seen in Bitcoin history, and on-chain data shows tremendous confidence in the long-term trajectory of the world’s largest cryptocurrency.
Dolphins dominate the market
According to on-chain data from Santiment, Bitcoin Dolphins currently hold approximately 5.16 million BTC, accounting for approximately 26% of the total circulating supply. This share is higher than that of small retailers (shrimp and crab) and large investors (whales and humpback whales). The steady increase in holdings since the beginning of 2025 signals intentional and sustained accumulation during a period of market consolidation.
The chart below clearly shows this behavior, showing a gentle upward trend in Dolphin balances from late April to October 2025. Short pauses in the curve highlight the build-up during minor corrections, meaning these holders have been taking advantage of price declines to strengthen their positions. This slow but consistent rise is indicative of growing confidence rather than speculative trading activity.
Total holdings of Bitcoin Dolphin addresses. Source: Santiment
According to the numbers, Dolphins have accumulated over 681,000 BTC so far this year. This increase highlights how this group has become the most important in terms of Bitcoin supply dynamics. Whales and humpbacks displayed less aggressive behavior, while dolphins appeared to absorb a significant portion of the available coins.
This growing trend in Dolphin wallets is even more interesting when compared to whale addresses, i.e. addresses holding between 1,000 and 10,000 BTC. According to data from Santiment, the addresses belonging to this cohort are: saw their collective holdings fall Since April, it has decreased from 4.58 million BTC in April to 4.2 million BTC at the time of writing, as shown in the image below.
Bitcoin balance by address. Source: Santiment
Impact on Bitcoin Price Structure
The Rise of the Dolphin It’s a positive change In Bitcoin’s ownership structure. Unlike whales that can move Cause short-term price fluctuationsDolphin represents a larger group of strategic investors. We have a long-term outlook.
There are currently approximately 17,771 addresses in this category, each holding between 100 BTC and 1,000 BTC, accounting for 25.82% of Bitcoin’s circulating supply. Their collective control of more than a quarter of all Bitcoin means gradual decentralization of supply away from a small number of dominant holders.
On the other hand, there are 1,971 addresses holding between 1,000 and 10,000 BTC, which is approximately 21.32% of the total circulating supply. This data reflects a healthy market balance between institutional participation and large-scale retail participation.
Bitcoin balance by address. Source: @nehalzzzz1 on X
As of this writing, Bitcoin is trading at $113,345.
Featured image created with Dall.E, chart from Tradingview.com
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